citibank 7 day notice to withdraw funds, is this legal?

Discussion in 'Politics' started by hvactec, Feb 15, 2010.

  1. hvactec
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    hvactec VIP Member

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  2. rightwinger
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    rightwinger Paid Messageboard Poster Gold Supporting Member Supporting Member

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    April Fools!
     
  3. blu
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    blu Senior Member

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    if this were true I would short there stock to death. the only reason to do this wuold to weather a run on the bank
     
  4. theDoctorisIn
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    theDoctorisIn Senior Mod Staff Member Senior USMB Moderator

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    Seeing as how this thread is the first result on Google, I doubt it.

    The only links on google are to other message boards. This is just a rumor - and a dangerous one at that.
     
  5. Baruch Menachem
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    Depends on the account.

    Many banks will let you withdraw funds from savings account without limit, but savings accounts are supposed to be just that. You get a higher interest rate for leaving the money in there longer.

    At the big bank where I used to work, Savings accounts had four free w/ds from savings per month, but anything after that they charged a huge fee for.

    And yes, if you read the paperwork when you opened your savings account, penalties were discussed in the very fine print.

    Interest paying checking accounts only came in during the Carter years, when inflation was so bad. they have been fading away.
     
  6. hvactec
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    hvactec VIP Member

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  7. theDoctorisIn
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    theDoctorisIn Senior Mod Staff Member Senior USMB Moderator

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    Both of those are message boards.
    Neither are reputable sources.
     
  8. Oldandtired
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    Oldandtired BANNED

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    This can not be true. There is no logic beghind it...and it most certainly would be lead story news if it were true.

    But this can actually be a very damaging rumor.
     
  9. Baruch Menachem
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    Baruch Menachem '

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    From a checking account... That is illegal. A checking account is a demand account. You either get your money on demand, or the FDIC and the Federal reserve get it for you.
     
  10. hvactec
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    hvactec VIP Member

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    I did some Investigating on this here is what I have Found they changed some words from the year before.

    this is there Client Manual
    Consumer Accounts
    Including our Privacy Notice
    U.S. Markets
    Effective February 15, 2009

    Here on page 33 it reads:
    Withdrawal Refusals. In some instances, we may refuse a request
    for a withdrawal from an account. The following is a list of the most
    common reasons we refuse withdrawal requests:
    • If the funds you wish to withdraw are not yet available (See the Funds
    Availability at Citibank section of the Marketplace Addendum.)
    • If there are insufficient funds in your account
    • If you use a type of check not acceptable to us
    • If the funds you wish to withdraw are being held to cover a
    checking account withdrawal under our Safety Check service
    • If the withdrawal you are requesting is of the type that is limited
    by federal regulations, and you have already reached the
    applicable limit
    • If, in the case of a joint account, any account signer gives us
    written instructions not to permit a withdrawal
    • If the account is pledged as collateral for a loan
    • If we have been ordered by a court or other legal process not to
    permit the withdrawal
    • If you do not present us with appropriate identification or any
    other information that we may require
    • If we are aware of any dispute relating to the account
    • If we have some suspicion of fraud, irregularity, or illegality.
    Withdrawal Notice. We reserve the right to require seven days
    advance notice before permitting a withdrawal from all Interest
    Checking, savings and Money Market accounts. We are required
    by law to reserve this right, but we do not presently exercise it.
    Here https://online.citibank.com/JRS/popups/ao/Client_Manual_20090611.pdf


    Now here is the New one for 2010 it reads on page 23:
    Withdrawal Refusals
    In some instances, we may refuse a request for a withdrawal or
    transfer from an account. The following list includes, but is not limited
    to, the most common reasons we might refuse such requests:
    • If the funds you wish to withdraw are not yet available; (See the
    “Funds Availability at Citibank” section of the Marketplace
    Addendum.)
    • If we decide to require seven (7) days advance written notice
    and we have not received such notice;
    • If there are insufficient funds in your account;
    • If you use a type of check not acceptable to us;
    • If the funds you wish to withdraw are being held to cover a
    checking account withdrawal under our Safety Check service;
    • If the funds you wish to withdraw are being held due to cashing of
    a third party check against the account or for any other reason;
    • If the withdrawal would consist of money owed to us;
    • If the withdrawal you are requesting is of the type that is limited
    by federal regulations, and you have already reached the
    applicable limit;
    • If, in the case of a joint account, any account signer gives us
    written instructions not to permit a withdrawal;
    • If the account is pledged as collateral for a loan;
    • If an account owner has died and we have not received all
    documents required to release funds in the account;
    • If we have not received documents or identification required to
    permit access to the account, such as when the account is new
    and documentation remains missing;
    • If we have been ordered by a court or other legal process not to
    permit the withdrawal;
    • If you do not present us with appropriate identification or any
    other information that we may require;
    • If we are aware of any dispute relating to the account or funds
    in the account;
    • If we have some suspicion of fraud, irregularity, or illegality; or
    • If we believe that the signature on a check or item drawn on
    your account and presented for payment does not appear similar
    to that appearing in our records.
    Withdrawal Notice
    We reserve the right to require seven (7) days advance notice
    before permitting a withdrawal from all checking, savings and
    money market accounts. We currently do not exercise this right
    and have not exercised it in the past.
    Here 2010 https://online.citibank.com/JRS/popups/ao/Client_Manual_20091228.pdf

    They added these words : "but is not limited to"

    SEE:
    Withdrawal Refusals
    In some instances, we may refuse a request for a withdrawal or
    transfer from an account. The following list includes, but is not limited
    to, the most common reasons we might refuse such requests:

    Also this was added in 2010:
    We reserve the right to require seven (7) days advance notice
    before permitting a withdrawal from all checking, savings and
    money market accounts.

    see that Wow
     
    Last edited: Feb 15, 2010

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